Reddit, Inc. (NYSE:RDDT) COO Sells $4,173,958.26 in Stock

Reddit, Inc. (NYSE:RDDT) COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Reddit Trading Down 0.4 %

NYSE RDDT opened at $109.62 on Thursday. The company’s fifty day simple moving average is $173.50 and its 200-day simple moving average is $134.41. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The stock has a market cap of $19.83 billion and a P/E ratio of -14.18.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent analyst reports. Morgan Stanley boosted their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Guggenheim initiated coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. Redburn Atlantic initiated coverage on shares of Reddit in a report on Monday. They issued a “sell” rating and a $75.00 target price for the company. Loop Capital restated a “buy” rating and issued a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Finally, Bank of America boosted their target price on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of “Hold” and a consensus price target of $164.50.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its holdings in Reddit by 126.6% in the fourth quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock valued at $7,907,000 after acquiring an additional 27,032 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Reddit in the fourth quarter valued at $2,208,000. Kilter Group LLC acquired a new stake in Reddit in the fourth quarter valued at $928,000. Castle Rock Wealth Management LLC acquired a new stake in Reddit in the fourth quarter valued at $789,000. Finally, Brooklyn FI LLC acquired a new stake in Reddit in the fourth quarter valued at $6,339,000.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.